The unique industry collaboration between investments and superannuation provider Colonial First State (CFS) and the University of Technology Sydney's Advanced Analytics institute (AAi) has been doubly acknowledged at the 2016 BigInsights Data Innovation Awards.
The partnership won the award for Best Customer Insights and was highly commended in the category Best Industry Application of Data Analytics.
Data scientists from AAi working with CFS have successfully completed a project that uses deep advanced analytics and data-driven statistical techniques to gain insight into customer patterns and build predictive models to help improve service to customers.
"The models allow CFS to observe complex relationship patterns between investors, employers and financial planners, and achieve more accurate predictions than other, more traditional approaches," said Guandong Xu from the AAi and Senior Lecturer in the UTS School of Software, Faculty of Engineering and IT (FEIT).
The collaborative approach allows CFS to partner with AAi to examine and solve live business needs including behaviours around superannuation and retirement strategies.
"For Colonial First State, the insights gained from a range of data and analytics approaches will not only create a business advantage, through our customer learnings, but importantly we believe it will help break new ground in the superannuation industry and provide better solutions for our customers with their super and in retirement," said Peter Chun, General Manager, Product and Investments, Colonial First State.
This UTS-CFS project represents the industry engagement that UTS advocates, bringing together private and public entities for interaction, creativity, real impact and results. This focus on interaction and creativity also drives our teaching, learning and research.
"At the UTS Faculty of Engineering and IT we believe to truly lead innovation in our community, we must bring the private and public sectors together. We have a strong focus on collaborative research which aims to put the best research tools into the hands of practitioners," said Professor Michael Blumenstein Head of School, Software.
The AAi focuses on big data, data sciences and data analytics. Researchers from across the UTS faculties of engineering and IT, health, science, business and law are internationally recognised for our projects across data mining, advanced analytics, bioinformatics and multimedia analytics
About the Awards: The BigInsights Data Innovation Awards are owned by BigInsights, a leading advisory and research firm focused on Data Analytics which helps enterprises and entrepreneurs capitalise on data opportunities.